Ethereum -> Wait For The Break

28 thg 4, 2023

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that Ethereum just recenly broke above a major previous weekly support/resistance area exactly at the 1900 level which is now turned strong support.
You can also see that weekly market structure and also weekly moving averages are bullish and therefore pointing towards more upside potential, so I am now just waiting for some bullish rejection at the zone before I then do expect a next weekl rally towards the upside.

On the daily timeframe however you can see that we have the potential to actually create a regular head a shoulders, generally speaking a bearish pattern, so I am now just waiting for some bullish market structure before I then also do expect a next bullish impulse on the daily timeframe.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:
https://www.tradingview.com/chart/ETHUSD/ZkkowcjX-Ethereum-Just-A-Classic-Shakeout/